Sunday, December 22, 2024

High street fashion chain with 400 sites to shut ‘bargain’ store in DAYS

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SHOPPERS have let out a collective sigh as a major fashion retailer with 400 branches gears up to close one of its stores.

New Look is pulling down the shutters on its branch in Perth, Scotland in a matter of days.

New Look is closing its branch in Kilmarnock, Scotland, in days

A spokesperson for the chain confirmed the news, adding the site will welcome in customers for the last time on June 4.

Shoppers have been left gutted after finding out the store, which sells mens, womens and kidswear and is known by some customers for its “bargain” prices, will close for good.

One said: “Boom another one bites the dust.”

Meanwhile, a second added: “Sadly this is happening in many places. If people don’t use the stores retailers will leave.”

Read more in Store Closures

A third commented: “Every high street is suffering because of online shopping.”

A fourth chimed in: “It’s very sad that the closure of yet another big retailer on Perth High Street is bringing the rest of Perth down.”

It comes after New Look closed a string of other stores across the UK in a blow for fashionistas.

It closed its outlet store in Leigh on May 8 in a blow for the high street.

The major retailer left shoppers “devastated” after pulling down the shutters on its branch in Cumbernauld, Scotland, on March 20.

Before that, it closed a branch in ShirleySouthampton, on December 3.

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In October, it closed its store in the Maybird Shopping Park, Stratford-upon-Avon.

Meanwhile, it shut one of its Worcestershire stores for good on September 9 and another in Beverley, East Yorkshire, the day before.

The retailer also shut shops in Slough and Windsor and pulled down the shutters on a Lancaster store last September.

But it is by no means all bad news for the retailer as it has been opening branches across the UK too.

Shops regularly close stores in areas where they are not performing well, especially if they have branches nearby.

Retailers diversify the types of stores they operate too in order to keep up with customer demand and trends.

For example, New Look opened a bigger site in The Fosse Park Shopping Park, Leicester, last September after temporarily closing the site in the summer.

It has also opened stores in Grimsby in recent months too.

Why are retailers closing stores?

RETAILERS have been feeling the squeeze since the pandemic, while shoppers are cutting back on spending due to the soaring cost of living crisis.

High energy costs and a move to shopping online after the pandemic are also taking a toll, and many high street shops have struggled to keep going.

The high street has seen a whole raft of closures over the past year, and more are coming.

The number of jobs lost in British retail dropped last year, but 120,000 people still lost their employment, figures have suggested.

Figures from the Centre for Retail Research revealed that 10,494 shops closed for the last time during 2023, and 119,405 jobs were lost in the sector.

It was fewer shops than had been lost for several years, and a reduction from 151,641 jobs lost in 2022.

The centre’s director, Professor Joshua Bamfield, said the improvement is “less bad” than good.

Although there were some big-name losses from the high street, including Wilko, many large companies had already gone bust before 2022, the centre said, such as Topshop owner Arcadia, Jessops and Debenhams.

“The cost-of-living crisis, inflation and increases in interest rates have led many consumers to tighten their belts, reducing retail spend,” Prof Bamfield said.

“Retailers themselves have suffered increasing energy and occupancy costs, staff shortages and falling demand that have made rebuilding profits after extensive store closures during the pandemic exceptionally difficult.”

Alongside Wilko, which employed around 12,000 people when it collapsed, 2023’s biggest failures included Paperchase, Cath Kidston, Planet Organic and Tile Giant.

The Centre for Retail Research said most stores were closed because companies were trying to reorganise and cut costs rather than the business failing.

However, experts have warned there will likely be more failures this year as consumers keep their belts tight and borrowing costs soar for businesses.

The Body Shop and Ted Baker are the biggest names to have already collapsed into administration this year.

Meanwhile, the retailer has announced it is pumping £3.3million into upgrading some of its stores in Greater Manchester.

Twenty stores will see their layouts and designs improved with staff offered additional training.

The chain will also be adding interactive display screens to branches showcasing its products.

OTHER HIGH STREET NEWS

A number of retailers have been shutting stores across the UK in a hammer blow to shoppers.

Wilko, The Body Shop and Ted Baker have closed hundreds of branches between them after falling into administration.

Other retailers, including Poundland, Lidl and Iceland have closed single shops here and there too.

But plenty of chains have been expanding their presence on the high street and across retail parks.

Poundland, Lidl and Aldi have all been expanding, pouncing on shoppers’ appetites for cheap and good quality produce.

Health and beauty retailer Superdrug recently said it wants to open 25 new branches across the UK too.

Asda has been opening hundreds of convenience stores in recent months as it looks to rival major players Tesco and Sainsbury’s.

And B&M plans to open “not less than” 45 brand new stores across the UK in each of the next two consecutive years.

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